Vonage Holdings Corp. (VG) Stake Lowered by Comerica Bank

Comerica Bank lowered its holdings in Vonage Holdings Corp. (NYSE:VG) by 6.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 213,041 shares of the technology company’s stock after selling 15,339 shares during the quarter. Comerica Bank owned about 0.09% of Vonage worth $2,887,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in Vonage by 2.5% in the first quarter. Principal Financial Group Inc. now owns 1,632,710 shares of the technology company’s stock worth $17,388,000 after purchasing an additional 40,126 shares during the period. Xact Kapitalforvaltning AB grew its holdings in Vonage by 24.8% in the second quarter. Xact Kapitalforvaltning AB now owns 40,264 shares of the technology company’s stock worth $519,000 after purchasing an additional 8,000 shares during the period. Amalgamated Bank grew its holdings in Vonage by 21.3% in the second quarter. Amalgamated Bank now owns 35,945 shares of the technology company’s stock worth $463,000 after purchasing an additional 6,305 shares during the period. Hartford Investment Management Co. acquired a new stake in Vonage in the second quarter worth $212,000. Finally, Acadian Asset Management LLC grew its holdings in Vonage by 15.4% in the second quarter. Acadian Asset Management LLC now owns 336,439 shares of the technology company’s stock worth $4,337,000 after purchasing an additional 44,836 shares during the period. Institutional investors and hedge funds own 85.53% of the company’s stock.

Vonage stock opened at $10.72 on Friday. Vonage Holdings Corp. has a 1-year low of $9.57 and a 1-year high of $14.73. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 38.29, a price-to-earnings-growth ratio of 6.16 and a beta of -0.02. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.74 and a current ratio of 0.75.

Vonage (NYSE:VG) last released its quarterly earnings data on Friday, November 2nd. The technology company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. Vonage had a negative net margin of 1.22% and a positive return on equity of 17.66%. The firm had revenue of $261.53 million for the quarter, compared to analyst estimates of $263.91 million. During the same period last year, the firm earned $0.07 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts predict that Vonage Holdings Corp. will post 0.35 EPS for the current year.

In other Vonage news, Director Jeffrey A. Citron sold 233,332 shares of the firm’s stock in a transaction on Tuesday, September 11th. The shares were sold at an average price of $14.43, for a total value of $3,366,980.76. Following the transaction, the director now directly owns 10,650,784 shares of the company’s stock, valued at $153,690,813.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey A. Citron sold 500,000 shares of the firm’s stock in a transaction on Thursday, September 13th. The shares were sold at an average price of $14.33, for a total transaction of $7,165,000.00. Following the completion of the transaction, the director now directly owns 10,650,784 shares in the company, valued at $152,625,734.72. The disclosure for this sale can be found here. Insiders sold 1,678,663 shares of company stock worth $23,403,616 over the last ninety days. Insiders own 8.70% of the company’s stock.

VG has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Vonage from a “sell” rating to a “hold” rating in a report on Saturday, November 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective (up from $13.00) on shares of Vonage in a research note on Wednesday, August 1st. Finally, William Blair reaffirmed a “buy” rating on shares of Vonage in a research note on Wednesday, August 1st. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $14.00.

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About Vonage

Vonage Holdings Corp. provides communications services connecting people through cloud-connected devices worldwide. It offers various business services, including basic dial tone, call queue, conferencing, call groups, mobile functionality, CRM integration, and detailed analytics, as well as Vonage Business Cloud and Vonage Enterprise services.

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Institutional Ownership by Quarter for Vonage (NYSE:VG)

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